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Star Group, L.P. to Host Fiscal 2021 Third Quarter Webcast and Conference Call August 5, 2021

STAMFORD, Conn., Aug. 02, 2021 (GLOBE NEWSWIRE) — Star Group, L.P. (the “Company” or “Star”) (NYSE: SGU), a leading home energy distributor and services provider, today announced that it will release its fiscal 2021 third quarter results after the close of trading on August 4, 2021. Members of Star’s management team will host a webcast and conference call at 11:00 a.m. Eastern Time the following day, August 5, 2021, to review the three and nine months ended June 30, 2021.

The webcast will be accessible on the company’s website, at www.stargrouplp.com, and the telephone number for the conference call is 877-327-7688 (or 412-317-5112 for international callers).

About Star Group, L.P.

Star Group, L.P. is a full service provider specializing in the sale of home heating products and services to residential and commercial customers to heat their homes and buildings. The Company also sells and services heating and air conditioning equipment to its home heating oil and propane customers and, to a lesser extent, provides these offerings to customers outside of its home heating oil and propane customer base. In certain of Star’s marketing areas, the Company provides plumbing services, primarily to its home heating oil and propane customer base. Star also sells diesel, gasoline and home heating oil on a delivery only basis. We believe Star is the nation’s largest retail distributor of home heating oil based upon sales volume. Including its propane locations, Star serves customers in the more northern and eastern states within the Northeast, Central and Southeast U.S. regions. Additional information is available by obtaining the Company’s SEC filings at www.sec.gov and by visiting Star’s website at www.stargrouplp.com, where unit holders may request a hard copy of Star’s complete audited financial statements free of charge.

Forward Looking Information

This news release includes “forward-looking statements” which represent the Company’s expectations or beliefs concerning future events that involve risks and uncertainties, including those associated with the severity and duration of the novel coronavirus, or COVID-19, pandemic, the pandemic’s impact on the U.S. and global economies, the timing, scope and effectiveness of federal, state and local governmental responses to the pandemic, the effect of weather conditions on our financial performance; the price and supply of the products that we sell; the consumption patterns of our customers; our ability to obtain satisfactory gross profit margins; our ability to obtain new customers and retain existing customers; our ability to make strategic acquisitions; the impact of litigation; our ability to contract for our current and future supply needs; natural gas conversions; future union relations and the outcome of current and future union negotiations; the impact of current and future governmental regulations, including climate change, environmental, health and safety regulations; the ability to attract and retain employees; customer creditworthiness; counterparty creditworthiness; marketing plans; potential cyber-attacks; general economic conditions and new technology. All statements other than statements of historical facts included in this news release are forward-looking statements. Without limiting the foregoing, the words “believe,” “anticipate,” “plan,” “expect,” “seek,” “estimate” and similar expressions are intended to identify forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to be correct and actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to, those set forth under the heading “Risk Factors” and “Business Strategy” in our Annual Report on Form 10-K (the “Form 10-K”) for the fiscal year ended September 30, 2020. Important factors that could cause actual results to differ materially from the Company’s expectations (“Cautionary Statements”) are disclosed in this news release and in the Form 10-K and our Quarterly Reports on Form 10-Q. Currently, one of the most significant factors, however, is the potential adverse effect of the pandemic of the novel coronavirus, or COVID-19, on the financial condition, results of operations, cash flows and performance of the Company and its customers and counterparties and the global economy and financial markets. The extent to which COVID-19 impacts us and our customers will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by the Cautionary Statements. Unless otherwise required by law, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise after the date of this news release.

CONTACT:  
Star Group Chris Witty
Investor Relations Darrow Associates, Inc.
203/328-7310 646/438-9385 or [email protected]



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Holley Inc. to Release Second Quarter 2021 Results on August 11, 2021

Holley Inc. to Release Second Quarter 2021 Results on August 11, 2021

BOWLING GREEN, Ky.–(BUSINESS WIRE)–
Holley Inc. (NYSE: HLLY), the largest and fastest growing platform in the enthusiast branded performance automotive aftermarket category, today announced the date for the release of its second quarter 2021 financial results.

Second Quarter 2021 Results

Holley will host a conference call and live webcast on Wednesday, August 11, 2021, at 10:00 a.m. (Eastern Daylight Time) to discuss the Company’s second quarter 2021 financial results. The Company’s earnings release for the second quarter 2021 will be issued before the market opens on Wednesday, August 11, 2021, and will be available on the Investor Relations page of the Company’s website at investor.holley.com.

Hosting the call will be Holley Inc. President and Chief Executive Officer, Tom Tomlinson, Chief Financial Officer, Dominic Bardos, and Executive Vice President of Corporate Development and New Ventures, Vinod Nimmagadda.

Date:

Wednesday, August 11, 2021

Time:

10:00 a.m. Eastern Time

Dial-In #:

United States: 1-844-200-6205 (Toll Free)

 

United States: 1-646-904-5544 (Local)

All

Other Locations: + 44-208-0682-558

 

 

Access Code:

472207

Alternatively, the conference call will be webcast at:

Event URL: https://event.on24.com/wcc/r/3342029/CC5503EBD653D36C40F0C267ADBAD24B

For those unable to participate, a telephone replay recording will be available until Wednesday, September 1, 2021. To access the replay, please call 1-929-458-6194 (U.S.), 0204-525-0658 (U.K.), or + 44-204-525-0658 (All Other Locations) and enter confirmation code 986200. A web-based archive of the conference call will also be available at the Company’s website.

About Holley

Holley Inc. (NYSE: HLLY) is a leading designer, marketer, and manufacturer of high-performance products for car and truck enthusiasts. Holley offers the largest portfolio of iconic brands that deliver innovation and inspiration to a large and diverse community of millions of avid automotive enthusiasts who are passionate about the performance and personalization of their classic and modern cars. Holley has disrupted the performance category by putting the enthusiast consumer first, developing innovative new products, and building a robust M&A process that has added meaningful scale and diversity to its platform. For more information on Holley, visit https://www.holley.com.

Investor Relations

Ross Collins or Stephen Poe

Alpha IR Group

312-445-2870

[email protected]

KEYWORDS: United States North America Kentucky

INDUSTRY KEYWORDS: Automotive Manufacturing Manufacturing Aftermarket General Automotive Automotive

MEDIA:

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Farmers & Merchants Bancorp, Inc. Announces Completion of Subordinated Note Offering

ARCHBOLD, Ohio, Aug. 02, 2021 (GLOBE NEWSWIRE) — Farmers & Merchants Bancorp, Inc. (the “Company” or “FMAO”), the parent holding company of The Farmers & Merchants State Bank (the “Bank”), today announced the completion of a private placement of $35 million aggregate principal amount of its 3.25% fixed-to-floating rate subordinated notes due July 30, 2031 (the “Notes”) to various accredited investors (the “Offering”). The price for the Notes was 100% of the principal amount of the Notes. The Notes are intended to qualify as Tier 2 capital for regulatory purposes. The Company intends to use the net proceeds from the Offering for general corporate purposes, including financing acquisitions and organic growth.

Interest on the Notes will accrue at a rate equal to (i) 3.25% per annum from the original issue date to, but excluding, the five-year anniversary, payable semi-annually in arrears, and (ii) a floating rate per annum equal to a benchmark rate, which is expected to be the Three-Month Term SOFR (as defined in the Notes), plus a spread of 263 basis points from and including the five-year anniversary until maturity, payable quarterly in arrears. Beginning on or after the fifth anniversary of the issue date through maturity, the Notes may be redeemed, at the Company’s option, on any scheduled interest payment date. Any redemption will be at a redemption price equal to 100% of the principal amount of Notes being redeemed, plus accrued and unpaid interest.

“I am pleased to announce the successful completion of our subordinated note offering,” said Lars B. Eller, President and Chief Executive Officer. “This additional capital will allow us to continue to execute on our long-term strategic growth plan, including pursuing strategic acquisitions to expand into new markets and financing organic growth. This non-dilutive capital strengthens our already strong capital position.”

Boenning & Scattergood, Inc. served as financial advisor to the Company and acted as the sole placement agent for the Offering, and was represented by Warner Norcross + Judd LLP as legal counsel. Shumaker, Loop & Kendrick, LLP served as the Company’s legal counsel in the Offering.

About Farmers & Merchants State Bank:

The Farmers & Merchants State Bank is a local independent community bank that has been serving Northwest Ohio and Northeast Indiana since 1897. The Farmers & Merchants State Bank provides commercial banking, retail banking and other financial services. Our locations are in Fulton, Defiance, Hancock, Henry, Lucas, Williams, and Wood counties in Northwest Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, and Steuben counties.

Safe harbor statement

Farmers & Merchants Bancorp, Inc. (“F&M”) wishes to take advantage of the Safe Harbor provisions included in the Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Farmers & Merchants Contacts  
Company Contact: Investor and Media Contact:
Lars B. Eller
President and Chief Executive Officer
Farmers & Merchants Bancorp, Inc.
(419) 446-2501
[email protected]		 Andrew M. Berger
Managing Director
SM Berger & Company, Inc.
(216) 464-6400
[email protected]

 



Posted on

Sterling Bancorp Reports Second Quarter 2021 Financial Results and Sale of Bellevue, WA Branch

Sterling Bancorp Reports Second Quarter 2021 Financial Results and Sale of Bellevue, WA Branch

SOUTHFIELD, Mich.–(BUSINESS WIRE)–
Sterling Bancorp, Inc. (NASDAQ: SBT) (“Sterling” or the “Company”), the holding company of Sterling Bank and Trust, F.S.B. (the “Bank”), today reported unaudited financial results for its second quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Net income of $2.6 million, or $0.05 per diluted share
  • Net interest margin of 2.70%
  • Non-interest expense of $19.9 million, including $5.7 million of professional fees
  • Recovery for loan losses of $0.6 million; ratio of allowance for loan losses to total loans held for investment of 3.05%
  • Shareholders’ equity of $326.2 million
  • Bank capital ratios continue to be in excess of minimum ratios required to be considered “well-capitalized” with a leverage ratio of 10.52%, a total risk-based capital ratio of 24.50% and a common equity tier one ratio of 23.21%
  • The Company’s consolidated leverage ratio of 9.15%, total risk-based capital ratio of 24.61% and common equity tier one ratio of 20.09% continue to exceed minimum regulatory capital requirements
  • Completed the sale of Bellevue, Washington branch location on July 23
  • Total deposits of $2.6 billion
  • Total loans held for investment of $2.4 billion
  • Total loan originations of $45.7 million
  • Nonperforming loans and troubled debt restructurings were $77.8 million (or 3.30% of total loans held for investment) compared to $91.2 million (or 3.71% of total loans held for investment) at March 31, 2021

The Company reported net income of $2.6 million, or $0.05 per diluted share, for the quarter ended June 30, 2021, compared to net income of $2.3 million, or $0.05 per diluted share, for the quarter ended March 31, 2021.

“Sterling’s second quarter results include several prominent moving parts. Included in this quarter are significant costs for the core IT system conversion scheduled for August and continued professional costs related to the various investigations. In addition, we repurchased approximately $80 million of previously sold Advantage Loan Program loans and have committed to the repurchase of another $100 million Advantage Loan Program loans over the course of the next several quarters. We have also been able to allow the excess liquidity that we have carried to decline as better definition on the level and timing of the loan repurchases have been identified,” said Thomas M. O’Brien, Chairman, President, and Chief Executive Officer.

Balance Sheet

Total Assets – Total assets of $3.4 billion at June 30, 2021 reflected a decrease of $278.5 million, or 8%, from $3.7 billion at March 31, 2021.

Liquid assets, comprising cash and due from banks and investment securities, decreased $162.5 million, or 14%, to $970.5 million compared to $1.1 billion at March 31, 2021.

Total loans held for investment of $2.4 billion at June 30, 2021 reflected a decline of $102.9 million, or 4%, from $2.5 billion at March 31, 2021. Loan repayments outpaced loan production for the quarter ended June 30, 2021. The impact of the excess loan repayments was partially offset by the repurchase of Advantage Loan Program loans totaling $79.8 million, pursuant to previously disclosed offers to repurchase 100% of previously sold Advantage Loan Program loans from third-party investors. Such repurchases of Advantage Loan Program loans in 2021, totaled $167.8 million. The repurchased Advantage Loan Program loans were evaluated and considered to be performing at the acquisition date. Cash utilized in the repurchases helped reduce our excess liquidity position.

Total Deposits – Total deposits of $2.6 billion at June 30, 2021 reflected a decrease of $278.9 million, or 10%, compared to $2.9 billion at March 31, 2021. Money market, savings and NOW deposits of $1.3 billion at June 30, 2021 reflected an increase of $17.4 million, or 1%, compared to $1.3 billion as of March 31, 2021. Time deposits of $1.2 billion at June 30, 2021 reflected a decrease of $286.1 million, or 20%, compared to $1.5 billion as of March 31, 2021. Non-interest bearing deposits of $55.7 million at June 30, 2021 reflected a decrease of $5.6 million, or 9%, compared to $61.3 million as of March 31, 2021. Brokered deposits included in time deposits were $35.0 million at June 30, 2021 and March 31, 2021.

“Subsequent to quarter end, we completed the sale of the Bellevue, Washington Branch, which included the transfer of $65.4 million in total deposits at a premium of approximately $1.4 million,” said Mr. O’Brien.

Capital – Total shareholders’ equity was $326.2 million at June 30, 2021 compared to $321.9 million at March 31, 2021. The Bank exceeded all regulatory capital requirements required to be considered “well-capitalized” as of June 30, 2021, and the Company exceeded all applicable minimum regulatory capital requirements as of such date, as summarized in the following tables:

Company Capital Company
Minimum
Requirements		 Company Actual
at June 30, 2021
Total adjusted capital to risk-weighted assets

8.00%

24.61%

Tier 1 (core) capital to risk-weighted assets

6.00%

20.09%

Common Tier 1 (CET 1)

4.50%

20.09%

Tier 1 (core) capital to adjusted tangible assets

4.00%

9.15%

 
 
 
Bank Capital To Be Well
Capitalized		 Bank Actual
at June 30, 2021
Total adjusted capital to risk-weighted assets

10.00%

24.50%

Tier 1 (core) capital to risk-weighted assets

8.00%

23.21%

Common Tier 1 (CET 1)

6.50%

23.21%

Tier 1 (core) capital to adjusted tangible assets

5.00%

10.52%

 

Asset Quality and Provision for Loan Losses – A recovery for loan losses of $0.6 million was recorded for the second quarter of 2021 compared to a recovery for loan losses of $0.7 million for the immediately prior quarter. The allowance for loan losses at June 30, 2021 was $71.9 million, or 3.05% of total loans held for investment, compared to $71.9 million, or 2.92% of total loans held for investment at March 31, 2021. Additionally, the allowance for loan losses at December 31, 2020 was $72.4 million, or 2.89% of total loans held for investment.

Net recoveries slightly increased during the second quarter of 2021 to $0.6 million compared to $0.2 million during the first quarter of 2021. Nonperforming residential mortgage loans held for sale decreased from $18.6 million at March 31, 2021 to $14.9 million at June 30, 2021 due to loan payoffs.

Nonperforming assets at June 30, 2021 totaled $92.6 million, or 2.71% of total assets, compared to $110.0 million, or 2.98% of total assets, at March 31, 2021. Nonperforming assets at June 30, 2021 included $74.8 million of nonperforming loans held for investment, $14.9 million of nonaccrual loans held for sale and $3.0 million of troubled debt restructurings. Nonperforming assets at March 31, 2021 included $83.6 million of nonperforming loans held for investment, $18.6 million of nonaccrual loans held for sale and $7.6 million of troubled debt restructurings. Nonperforming assets at December 31, 2020 included $86.5 million of nonperforming loans held for investment, $19.4 million of nonaccrual loans held for sale and $8.2 million of troubled debt restructurings. Total gross loans delinquent 30 days or more were $155.0 million, or 6.5% of total gross loans, at June 30, 2021 which decreased from $163.2 million, or 6.6% of total gross loans, at March 31, 2021 and also decreased from $174.6 million, or 6.9% of total gross loans, at December 31, 2020.

“Credit quality continues to show some signs of improvement over prior periods. We continue to experience the challenges of dealing with lower legacy risk acceptance practices, including the time and energy related to protecting the Bank’s collateral position, in addition to the negative impact from the former Advantage Loan Program. Loans in forbearance have declined to less than $12 million as that program sunsets,” said Mr. O’Brien.

The principal balance of loans modified due to the economic effects of the COVID-19 pandemic and still in forbearance declined during the quarter ended June 30, 2021. Subsequent to quarter end, applications for the forbearance program continued to decrease and the Bank terminated the forbearance program effective July 31, 2021. Total loans in forbearance at June 30, 2021 was $11.8 million, or 0.50% of total loans held for investment, which decreased from $41.9 million, or 1.70% of total loans held for investment, at March 31, 2021.

Forbearance Composition June 30,
2021		 March 31,
2021		 December 31,
2020
Residential real estate

$

5,842

 

$

20,298

 

$

10,729

 

Commercial real estate

 

5,933

 

 

14,129

 

 

5,056

 

Construction

 

–

 

 

7,428

 

 

–

 

Total loans in forbearance

$

11,775

 

$

41,855

 

$

15,785

 

Loans in forbearance to total loans held for investment

 

0.50

%

 

1.70

%

 

0.63

%

Results of Operations

Net Interest Income and Net Interest Margin – Net interest income for the second quarter of 2021 was $23.6 million compared to $23.2 million for the first quarter of 2021 and $27.0 million for the second quarter of 2020. The net interest margin of 2.70% for the quarter ended June 30, 2021 increased from the immediately prior quarter’s net interest margin of 2.45% and decreased from the second quarter of 2020 of 3.08%. The increase in net interest income during the quarter ended June 30, 2021 compared to the immediately prior quarter was due primarily to a decline of $283.4 million in the average balance of our interest-bearing deposits from $3.0 billion in the first quarter of 2021 to $2.7 billion in the second quarter of 2021, and a decrease in our average rate paid on interest-bearing deposits from 0.91% in the first quarter of 2021 to 0.78% in the second quarter of 2021.

Net interest margin was positively impacted in the second quarter of 2021 by an increase of 15 basis points in the yield on earning assets with the loan portfolio comprising 68% of average interest earning assets compared to 65% in the first quarter of 2021 and a decrease in the cost of average interest-bearing liabilities of 13 basis points, reflecting the impact of the current low interest rate environment.

Non-Interest Income – Non-interest income for the second quarter of 2021 was $(0.3) million compared to $0.5 million for the immediately prior quarter. The decrease from the first quarter of 2021 was primarily attributable to a net servicing loss reflecting the amortization of mortgage servicing rights associated with loans repurchased in the second quarter of 2021, a lower valuation allowance recovery on mortgage servicing rights in the second quarter of 2021 compared to the first quarter of 2021 and reduced servicing fee income due to lower volume of loans serviced during the second quarter of 2021. Gain on sale of loans decreased in the second quarter of 2021 compared to the immediately prior quarter due to fewer loans being sold into the secondary market during the second quarter of 2021.

Non-Interest Expense – Non-interest expense of $19.9 million for the second quarter of 2021 reflected a decrease of $1.4 million, or 7%, compared to $21.3 million for the first quarter of 2021. The decrease was primarily due to decreases in professional fees of $3.0 million and an additional $0.4 million recovery for mortgage repurchase liability compared to the first quarter of 2021 recovery, which were partially offset by increases in salaries and employee benefits of $0.8 million and in other expense of $1.2 million. The decrease in professional fees was primarily due to the settlement of the class action lawsuit and a reimbursement of $2.4 million that was received from our insurance carriers in the second quarter of 2021, which was partially offset by professional fees incurred in connection with our core IT system conversion. Other expense increased primarily due to a $1.0 million accrual for certain calculation errors from prior periods identified during the preparations for the core IT system conversion.

Mr. O’Brien said, “We continue to believe that some of these significant expenses will begin to decline, albeit slowly, in the second half of this year and into 2022. We have no control over the timing of the various investigations and the professional time that they demand, and consequently the related costs are difficult to predict with any degree of accuracy. We are hopeful that, with respect only to the Bank, the pending completion of several substantial reviews and remediations, as well as the upcoming core IT system conversion, will lead to the closing of several critical projects and their attendant costs.”

Income Tax Expense –The effective tax rate was 35.1% for the second quarter of 2021 compared to 24.6% for the first quarter of 2021. The increase in the effective tax rate reflects adjustments made to the provision calculation in the second quarter of 2021 to account for certain non-deductible expenses. We expect the effective tax rate for the full year to stabilize near 30%.

Conference Call and Webcast

Management will host a conference call on Monday, August 2, 2021 at 10:00 a.m. Eastern Time to discuss the Company’s unaudited financial results for the quarter ended June 30, 2021. The conference call number for U.S. participants is (833) 535-2201 and the conference call number for participants outside the United States is (412) 902-6744. Additionally, interested parties can listen to a live webcast of the call in the “Investor Relations” section of the Company’s website at www.sterlingbank.com.An archived version of the webcast will be available in the same location shortly after the live call has ended.

A replay of the conference call may be accessed through August 9, 2021 by dialing (877) 344-7529, using conference ID number 10158077.

About Sterling Bancorp, Inc.

Sterling Bancorp, Inc. is a unitary thrift holding company. Its wholly owned subsidiary, Sterling Bank and Trust, F.S.B., has primary branch operations in San Francisco and Los Angeles, California and New York City. Sterling offers loan products to the residential and commercial markets, as well as retail and business banking services. Sterling also has an operations center and a branch in Southfield, Michigan. For additional information, please visit the Company’s website at http://www.sterlingbank.com.

Forward-Looking Statements

This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, regarding the Company’s plans, expectations, thoughts, beliefs, estimates, goals and outlook for the future that are intended to be covered by the protections provided under the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as “may,” “might,” “should,” “could,” “predict,” “potential,” “believe,” “expect,” “attribute,” “continue,” “will,” “anticipate,” “seek,” “estimate,” “intend,” “plan,” “projection,” “goal,” “target,” “outlook,” “aim,” “would” and “annualized,” or the negative versions of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and they are based on current expectations, estimates and projections about our industry, management’s beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. The risks, uncertainties and other factors detailed from time to time in our public filings, including those included in the disclosures under the headings “Cautionary Note Regarding Forward-Looking Statements” and “Risk Factors” in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 26, 2021, subsequent periodic reports and future periodic reports, could affect future results and events, causing those results and events to differ materially from those views expressed or implied in the Company’s forward-looking statements. Should one or more of the foregoing risks materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those projected in, or implied by, such forward-looking statements. Accordingly, you should not place undue reliance on any such forward-looking statements. The Company disclaims any obligation to update, revise, or correct any forward-looking statements based on the occurrence of future events, the receipt of new information or otherwise.

Sterling Bancorp, Inc.
Consolidated Financial Highlights (Unaudited)
At and for the Three Months Ended
(dollars in thousands, except per share data) June 30,
2021		 March 31,
2021		 June 30,
2020
Net income

$

2,566

 

$

2,325

 

$

2,867

 

Income per share, diluted

$

0.05

 

$

0.05

 

$

0.06

 

Net interest income

$

23,598

 

$

23,227

 

$

27,048

 

Net interest margin

 

2.70

%

 

2.45

%

 

3.08

%

Non-interest income

$

(269

)

$

453

 

$

1,323

 

Non-interest expense

$

19,935

 

$

21,334

 

$

20,047

 

Loans, net of allowance for loan losses

$

2,286,608

 

$

2,389,599

 

$

2,717,224

 

Total deposits (1)

$

2,610,302

 

$

2,889,232

 

$

2,892,082

 

Nonperforming loans

$

74,810

 

$

83,578

 

$

54,260

 

Allowance for loan losses to total loans

 

3.05

%

 

2.92

%

 

1.70

%

Allowance for loan losses to nonperforming loans

 

96

%

 

86

%

 

86

%

Provision (recovery) for loan losses

$

(557

)

$

(737

)

$

4,297

 

Net recoveries

$

(604

)

$

(221

)

$

(21

)

Return on average assets

 

0.29

%

 

0.24

%

 

0.32

%

Return on average shareholders’ equity

 

3.14

%

 

2.87

%

 

3.43

%

Efficiency ratio

 

85.45

%

 

90.09

%

 

70.66

%

Capital Ratios
Regulatory and Other Capital Ratios— Consolidated:
Total adjusted capital to risk-weighted assets

 

24.61

%

 

23.52

%

 

21.68

%

Tier 1 (core) capital to risk-weighted assets

 

20.09

%

 

18.48

%

 

17.05

%

Common Tier 1 (CET 1)

 

20.09

%

 

18.48

%

 

17.05

%

Tier 1 (core) capital to adjusted tangible assets

 

9.15

%

 

8.34

%

 

9.20

%

 
Regulatory and Other Capital Ratios—Bank:
Total adjusted capital to risk-weighted assets

 

24.50

%

 

22.66

%

 

20.71

%

Tier 1 (core) capital to risk-weighted assets

 

23.21

%

 

21.37

%

 

19.44

%

Common Tier 1 (CET 1)

 

23.21

%

 

21.37

%

 

19.44

%

Tier 1 (core) capital to adjusted tangible assets

 

10.52

%

 

9.60

%

 

10.49

%

 
(1) Deposits held for sale were transferred on the sale of Bellevue, Washington Branch on July 23, 2021.
 
Sterling Bancorp, Inc.
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in thousands) June 30,
2021		 March 31,
2021		 %
change		 December 31,
2020		 %
change		 June 30,
2020		 %
change
Assets
Cash and due from banks

$

774,478

$

873,223

(11)%

$

998,497

(22)%

$

623,376

24%

Interest-bearing time deposits with other banks

 

805

 

5,528

(85)%

 

7,021

(89)%

 

9,731

(92)%

Investment securities

 

195,974

 

259,686

(25)%

 

304,958

(36)%

 

257,730

(24)%

Mortgage loans held for sale

 

15,107

 

19,848

(24)%

 

22,284

(32)%

 

3,184

374%

Loans, net of allowance for loan losses of $71,918, $71,871, $72,387 and $46,931

 

2,286,608

 

2,389,599

(4)%

 

2,434,356

(6)%

 

2,717,224

(16)%

Accrued interest receivable

 

9,660

 

10,439

(7)%

 

10,990

(12)%

 

13,864

(30)%

Mortgage servicing rights, net

 

3,232

 

4,626

(30)%

 

5,688

(43)%

 

7,266

(56)%

Leasehold improvements and equipment, net

 

9,423

 

9,085

4%

 

8,512

11%

 

8,849

6%

Operating lease right-of-use assets

 

18,781

 

18,791

0%

 

19,232

(2)%

 

19,804

(5)%

Federal Home Loan Bank stock, at cost

 

22,950

 

22,950

0%

 

22,950

0%

 

22,950

0%

Cash surrender value of bank-owned life insurance

 

32,766

 

32,631

0%

 

32,495

1%

 

32,215

2%

Deferred tax asset, net

 

23,749

 

24,104

(1)%

 

24,326

(2)%

 

20,093

18%

Other assets

 

21,988

 

23,517

(7)%

 

22,736

(3)%

 

2,217

892%

Total assets

$

3,415,521

$

3,694,027

(8)%

$

3,914,045

(13)%

$

3,738,503

(9)%

 
Liabilities
Noninterest-bearing deposits

$

55,721

$

61,329

(9)%

$

58,458

(5)%

$

72,714

(23)%

Interest-bearing deposits

 

2,481,198

 

2,749,868

(10)%

 

3,040,508

(18)%

 

2,819,368

(12)%

Deposits held for sale (1)

 

73,383

 

78,035

(6)%

 

–

N/M

 

–

N/M

Total deposits

 

2,610,302

 

2,889,232

(10)%

 

3,098,966

(16)%

 

2,892,082

(10)%

Federal Home Loan Bank borrowings

 

318,000

 

318,000

0%

 

318,000

0%

 

329,000

(3)%

Subordinated notes, net

 

65,377

 

65,384

0%

 

65,341

0%

 

65,259

0%

Operating lease liabilities

 

20,040

 

20,056

0%

 

20,497

(2)%

 

21,056

(5)%

Accrued expenses and other liabilities

 

75,646

 

79,439

(5)%

 

91,650

(17)%

 

99,701

(24)%

Total liabilities

 

3,089,365

 

3,372,111

(8)%

 

3,594,454

(14)%

 

3,407,098

(9)%

 
Shareholders’ Equity
Preferred stock, authorized 10,000,000 shares; no shares issued and outstanding

 

–

 

–

–

 

–

–

 

–

–

Common stock, no par value, authorized 500,000,000 shares; issued and outstanding 50,475,181 at June 30, 2021, 50,009,407 shares at March 31, 2021, 49,981,861 shares at December 31, 2020, and 50,007,415 shares at June 30, 2020

 

82,157

 

80,807

2%

 

80,807

2%

 

80,807

2%

Additional paid-in capital

 

13,796

 

13,603

1%

 

13,544

2%

 

13,328

4%

Retained earnings

 

229,744

 

227,178

1%

 

224,853

2%

 

236,657

(3)%

Accumulated other comprehensive income

 

459

 

328

40%

 

387

19%

 

613

(25)%

Total shareholders’ equity

 

326,156

 

321,916

1%

 

319,591

2%

 

331,405

(2)%

Total liabilities and shareholders’ equity

$

3,415,521

$

3,694,027

(8)%

$

3,914,045

(13)%

$

3,738,503

(9)%

 
N/M- not meaningful
(1) Deposits held for sale were transferred on the sale of Bellevue, Washington Branch on July 23, 2021.
Sterling Bancorp, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Three Months Ended Six Months Ended
(dollars in thousands, except per share amounts) June 30,
2021		 March 31,
2021		 %
change		 June 30,
2020		 %
change		 June 30,
2021		 June 30,
2020		 %
change
Interest income:
Interest and fees on loans

$

30,074

 

$

31,294

 

(4)%

$

37,501

 

(20)%

$

61,368

 

$

77,026

 

(20)%

Interest and dividends on investment securities and restricted stock

 

385

 

 

390

 

(1)%

 

1,037

 

(63)%

 

775

 

 

2,071

 

(63)%

Other interest

 

227

 

 

263

 

(14)%

 

141

 

61%

 

490

 

 

575

 

(15)%

Total interest income

 

30,686

 

 

31,947

 

(4)%

 

38,679

 

(21)%

 

62,633

 

 

79,672

 

(21)%

Interest expense:
Interest on deposits

 

5,236

 

 

6,702

 

(22)%

 

9,576

 

(45)%

 

11,938

 

 

19,940

 

(40)%

Interest on Federal Home Loan Bank borrowings

 

847

 

 

838

 

1%

 

877

 

(3)%

 

1,685

 

 

1,687

 

0%

Interest on subordinated notes

 

1,005

 

 

1,180

 

(15)%

 

1,178

 

(15)%

 

2,185

 

 

2,355

 

(7)%

Total interest expense

 

7,088

 

 

8,720

 

(19)%

 

11,631

 

(39)%

 

15,808

 

 

23,982

 

(34)%

Net interest income

 

23,598

 

 

23,227

 

2%

 

27,048

 

(13)%

 

46,825

 

 

55,690

 

(16)%

Provision (recovery) for loan losses

 

(557

)

 

(737

)

24%

 

4,297

 

(113)%

 

(1,294

)

 

25,150

 

(105)%

Net interest income after provision (recovery) for loan losses

 

24,155

 

 

23,964

 

1%

 

22,751

 

6%

 

48,119

 

 

30,540

 

58%

Non-interest income:
Service charges and fees

 

144

 

 

159

 

(9)%

 

95

 

52%

 

303

 

 

212

 

43%

Gain on sale of mortgage loans held for sale

 

70

 

 

398

 

(82)%

 

751

 

(91)%

 

468

 

 

1,020

 

(54)%

Net servicing loss

 

(908

)

 

(430

)

N/M

 

(207

)

N/M

 

(1,338

)

 

(1,118

)

(20)%

Other

 

425

 

 

326

 

30%

 

684

 

(38)%

 

751

 

 

1,738

 

(57)%

Total non-interest income

 

(269

)

 

453

 

(159)%

 

1,323

 

(120)%

 

184

 

 

1,852

 

(90)%

Non-interest expense:
Salaries and employee benefits

 

8,678

 

 

7,848

 

11%

 

7,336

 

18%

 

16,526

 

 

14,089

 

17%

Occupancy and equipment

 

2,240

 

 

2,196

 

2%

 

2,208

 

1%

 

4,436

 

 

4,326

 

3%

Professional fees

 

5,721

 

 

8,755

 

(35)%

 

8,268

 

(31)%

 

14,476

 

 

11,580

 

25%

FDIC assessments

 

500

 

 

719

 

(30)%

 

240

 

108%

 

1,219

 

 

259

 

N/M

Data processing

 

440

 

 

346

 

27%

 

351

 

25%

 

786

 

 

686

 

15%

Net provision (recovery) for mortgage repurchase liability

 

(512

)

 

(153

)

N/M

 

25

 

N/M

 

(665

)

 

25

 

N/M

Other

 

2,868

 

 

1,623

 

77%

 

1,619

 

77%

 

4,491

 

 

3,317

 

35%

Total non-interest expense

 

19,935

 

 

21,334

 

(7)%

 

20,047

 

(1)%

 

41,269

 

 

34,282

 

20%

Income (loss) before income taxes

 

3,951

 

 

3,083

 

28%

 

4,027

 

(2)%

 

7,034

 

 

(1,890

)

N/M

Income tax expense (benefit)

 

1,385

 

 

758

 

83%

 

1,160

 

19%

 

2,143

 

 

(727

)

N/M

Net income (loss)

$

2,566

 

$

2,325

 

10%

$

2,867

 

(10)%

$

4,891

 

$

(1,163

)

521%

Income (loss) per share:
Basic

$

0.05

 

$

0.05

 

$

0.06

 

$

0.10

 

$

(0.02

)

Diluted

$

0.05

 

$

0.05

 

$

0.06

 

$

0.10

 

$

(0.02

)

Weighted average common shares outstanding:
Basic

 

50,009,053

 

 

49,851,202

 

 

49,837,948

 

 

49,930,563

 

 

49,837,805

 

Diluted

 

50,060,775

 

 

49,912,860

 

 

49,841,741

 

 

49,987,253

 

 

49,837,805

 

 
N/M- not meaningful
 
Sterling Bancorp, Inc.
Selected Financial Data (Unaudited)
Three Months Ended
Performance Ratios: June 30,
2021		 March 31,
2021		 June 30,
2020
Return on average assets

0.29%

0.24%

0.32%

Return on average shareholders’ equity

3.14%

2.87%

3.43%

Yield on average interest earning assets

3.51%

3.36%

4.41%

Cost of average interest-bearing liabilities

0.92%

1.05%

1.52%

Net interest spread

2.59%

2.31%

2.89%

Net interest margin

2.70%

2.45%

3.08%

Efficiency ratio (1)

85.45%

90.09%

70.66%

 
(1) Efficiency Ratio is computed as the ratio of non-interest expense divided by the sum of net interest income and non-interest income.
Sterling Bancorp, Inc.
Yield Analysis and Net Interest Income (Unaudited)
Three Months Ended
June 30, 2021 March 31, 2021 June 30, 2020
(dollars in thousands) Average Balance Interest Average
Yield/
Rate 		Average Balance Interest Average
Yield/
Rate 		Average Balance Interest Average
Yield/
Rate
Interest-earning assets
Loans (1)
Residential real estate and other consumer

$

1,960,561

$

23,794

4.85%

$

2,006,112

$

24,596

4.90%

$

2,329,695

$

29,789

5.11%

Commercial real estate

 

258,310

 

3,444

5.33%

 

256,610

 

3,183

4.96%

 

275,046

 

3,635

5.29%

Construction

 

171,921

 

2,788

6.49%

 

198,628

 

3,412

6.87%

 

204,689

 

3,749

7.33%

Commercial lines of credit

 

2,292

 

48

8.38%

 

5,687

 

103

7.24%

 

17,701

 

328

7.41%

Total loans

 

2,393,084

 

30,074

5.03%

 

2,467,037

 

31,294

5.07%

 

2,827,131

 

37,501

5.31%

Securities, includes restricted stock

 

270,809

 

385

0.57%

 

312,969

 

390

0.50%

 

226,497

 

1,037

1.83%

Other interest-earning assets

 

837,866

 

227

0.11%

 

1,017,642

 

263

0.10%

 

459,222

 

141

0.12%

Total interest-earning assets

$

3,501,759

$

30,686

3.51%

$

3,797,648

$

31,947

3.36%

$

3,512,850

$

38,679

4.41%

Interest-bearing liabilities
Money Market, Savings and NOW

$

1,344,949

$

807

0.24%

$

1,382,390

$

935

0.27%

$

1,215,610

$

2,258

0.75%

Time deposits

 

1,346,059

 

4,429

1.32%

 

1,592,064

 

5,767

1.47%

 

1,463,806

 

7,318

2.01%

Total interest-bearing deposits

 

2,691,008

 

5,236

0.78%

 

2,974,454

 

6,702

0.91%

 

2,679,416

 

9,576

1.43%

FHLB borrowings

 

318,000

 

847

1.05%

 

318,013

 

838

1.05%

 

329,002

 

877

1.05%

Subordinated debt

 

65,385

 

1,005

6.15%

 

65,358

 

1,180

7.22%

 

65,235

 

1,178

7.22%

Total borrowings

 

383,385

 

1,852

1.91%

 

383,371

 

2,018

2.11%

 

394,237

 

2,055

2.06%

Total interest-bearing liabilities

$

3,074,393

$

7,088

0.92%

$

3,357,825

$

8,720

1.05%

$

3,073,653

$

11,631

1.52%

Net interest income and spread (2)

$

23,598

2.59%

$

23,227

2.31%

$

27,048

2.89%

Net interest margin (2)

2.70%

2.45%

3.08%

 
(1) Nonaccrual loans are included in the respective average loan balances. Income, if any, on such loans is recognized on a cash basis.
(2) Interest income does not include taxable equivalent adjustments.
 
Six Months Ended
June 30, 2021 June 30, 2020
(dollars in thousands) Average Balance Interest Average
Yield/
Rate 		Average Balance Interest Average
Yield/
Rate
Interest-earning assets
Loans (1)
Residential real estate and other consumer

$

1,983,211

$

48,390

4.88%

$

2,366,335

$

61,801

5.22%

Commercial real estate

 

257,465

 

6,627

5.15%

 

268,069

 

7,181

5.36%

Construction

 

185,201

 

6,200

6.70%

 

196,628

 

7,408

7.54%

Commercial lines of credit

 

3,980

 

151

7.54%

 

17,891

 

636

7.11%

Total loans

 

2,429,857

 

61,368

5.05%

 

2,848,923

 

77,026

5.41%

Securities, includes restricted stock

 

291,772

 

775

0.53%

 

200,649

 

2,071

2.06%

Other interest-earning assets

 

923,854

 

490

0.11%

 

313,128

 

575

0.37%

Total interest-earning assets

$

3,645,483

$

62,633

3.44%

$

3,362,700

$

79,672

4.74%

Interest-bearing liabilities
Money Market, Savings and NOW

$

1,363,566

$

1,742

0.26%

$

1,236,443

$

5,565

0.91%

Time deposits

 

1,468,382

 

10,196

1.40%

 

1,318,750

 

14,375

2.20%

Total interest-bearing deposits

 

2,831,948

 

11,938

0.85%

 

2,555,193

 

19,940

1.57%

FHLB borrowings

 

318,006

 

1,685

1.05%

 

298,235

 

1,687

1.13%

Subordinated debt

 

65,372

 

2,185

6.68%

 

65,214

 

2,355

7.22%

Total borrowings

 

383,378

 

3,870

2.01%

 

363,449

 

4,042

2.21%

Total interest-bearing liabilities

$

3,215,326

$

15,808

0.99%

$

2,918,642

$

23,982

1.66%

Net interest income and spread (2)

$

46,825

2.45%

$

55,690

3.08%

Net interest margin (2)

2.57%

3.31%

 
(1) Nonaccrual loans are included in the respective average loan balances. Income, if any, on such loans is recognized on a cash basis.
(2) Interest income does not include taxable equivalent adjustments.
 
Sterling Bancorp, Inc.
Loan Composition (Unaudited)
(dollars in thousands) June 30,
2021		 March 31,
2021		 %
change		 December 31,
2020		 %
change		 June 30,
2020		 %
change
Residential real estate

$

1,948,892

 

$

2,008,439

 

(3)%

$

2,033,526

 

(4)%

$

2,280,473

 

(15)%

Commercial real estate

 

263,278

 

 

263,508

 

0%

 

259,958

 

1%

 

265,068

 

(1)%

Construction

 

144,385

 

 

184,490

 

(22)%

 

206,581

 

(30)%

 

201,084

 

(28)%

Commercial lines of credit

 

1,971

 

 

5,029

 

(61)%

 

6,671

 

(70)%

 

17,510

 

(89)%

Other consumer

 

–

 

 

4

 

(100)%

 

7

 

(100)%

 

20

 

(100)%

Total loans held for investment

 

2,358,526

 

 

2,461,470

 

(4)%

 

2,506,743

 

(6)%

 

2,764,155

 

(15)%

Less: allowance for loan losses

 

(71,918

)

 

(71,871

)

0%

 

(72,387

)

(1)%

 

(46,931

)

53%

Loans, net

$

2,286,608

 

$

2,389,599

 

(4)%

$

2,434,356

 

(6)%

$

2,717,224

 

(16)%

 
Mortgage loans held for sale

$

15,107

 

$

19,848

 

(24)%

$

22,284

 

(32)%

$

3,184

 

374%

Total gross loans

$

2,373,633

 

$

2,481,318

 

(4)%

$

2,529,027

 

(6)%

$

2,767,339

 

(14)%

 
Sterling Bancorp, Inc.
Deposit Composition (Unaudited)
(dollars in thousands) June 30,
2021		 March 31,
2021		 %
change		 December 31,
2020		 %
change		 June 30,
2020		 %
change
Noninterest bearing deposits

$

55,721

$

61,329

(9)%

$

58,458

(5)%

$

72,714

(23)%

Money Market, Savings and NOW

 

1,309,981

 

1,292,572

1%

 

1,393,985

(6)%

 

1,238,776

6%

Time deposits

 

1,171,217

 

1,457,296

(20)%

 

1,646,523

(29)%

 

1,580,592

(26)%

Deposits held for sale (1)

 

73,383

 

78,035

(6)%

 

–

N/M

 

–

N/M

Total deposits

$

2,610,302

$

2,889,232

(10)%

$

3,098,966

(16)%

$

2,892,082

(10)%

 
N/M- not meaningful
(1) Deposits held for sale were transferred on the sale of Bellevue, Washington Branch on July 23, 2021.
Sterling Bancorp, Inc.
Credit Quality Ratios (Unaudited)
At and for the Three Months Ended
(dollars in thousands) June 30,
2021		 March 31,
2021		 December 31,
2020		 June 30,
2020
Credit Quality Data
Nonperforming loans (1)

$

74,810

 

$

83,578

 

$

86,470

 

$

54,260

 

Nonperforming loans to total loans (1)

 

3.17

%

 

3.40

%

 

3.45

%

 

1.96

%

Other troubled debt restructurings (2)

 

2,940

 

 

7,646

 

 

8,246

 

 

23,017

 

Nonaccrual loans held for sale

 

14,867

 

 

18,572

 

 

19,375

 

 

–

 

Nonperforming assets (3)

 

92,617

 

 

109,963

 

 

114,258

 

 

77,277

 

Nonperforming assets to total assets

 

2.71

%

 

2.98

%

 

2.92

%

 

2.07

%

Allowance for loan losses to total loans

 

3.05

%

 

2.92

%

 

2.89

%

 

1.70

%

Allowance for loan losses to nonperforming loans

 

96

%

 

86

%

 

84

%

 

86

%

Net charge offs (recoveries) to average loans

 

(0.03

)%

 

(0.01

)%

 

0.13

%

 

0.00

%

 
(1) Nonperforming loans include nonaccrual loans (including troubled debt restructurings on nonaccrual status) and loans past due 90 days or more and still accruing interest but exclude nonaccrual loans held for sale.
(2) Other troubled debt restructurings exclude those loans presented as nonaccrual or past due 90 days or more and still accruing interest.
(3) Nonperforming assets include nonperforming loans, nonaccrual loans held for sale, other troubled debt restructurings and other loan collateral acquired through foreclosure or repossession.

 

Investor Contact:

Sterling Bancorp, Inc.

Stephen Huber

Chief Financial Officer

(248) 351-3428

[email protected]

KEYWORDS: United States North America Washington California Michigan

INDUSTRY KEYWORDS: Banking Professional Services Finance

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HilltopSecurities Launches HTS Commodities Division

HilltopSecurities Launches HTS Commodities Division

Business Expands Commodities Trading, Risk Management and Hedging Services

DALLAS–(BUSINESS WIRE)–
Hilltop Securities Inc. (HilltopSecurities) today announced the expansion of its commodities brokerage and trading business with the launch of a new division, HTS Commodities. The division consists of 19 experienced commodities professionals in Texas and Tennessee, including nine in Amarillo, and three in Memphis who joined the firm on July 30. The team will provide a full suite of commodities trading, risk management, and wealth management services to farmers and ranchers across the United States.

The new additions include managing directors Brock Thompson and Will Snead in Amarillo, who serve as co-heads of HTS Commodities’ central plains region and managing directors Lewis Williamson and Marvin Coleman in Memphis, who serve as co-heads of the mid-south region. They join HilltopSecurities’ legacy team of seven commodities professionals in Plano, Texas. The newly expanded group is co-headed by Richard Konkel and Jerome Gaudry, with each bringing over two decades of banking, commodities, and financial engineering experience.

“The launch of HTS Commodities with the addition of 12 highly experienced and accomplished commodities and futures professionals is another important step in HilltopSecurities’ growth plan,” said Brad Winges, President and CEO of HilltopSecurities. “We are proud to welcome these talented individuals to our team and look forward to their contributions as we continue to seek opportunities to build this business and expand our product offerings to farmers and ranchers in the United States.”

HTS Commodities will focus on a broad range of commodities and futures trading including livestock, grains, cotton, energy, metals, U.S. market indices, and U.S. and foreign currencies, among other wealth advisory services. In addition, the division will provide commodities consulting services and customized hedging strategies for producers, consumers, and investors. HTS Commodities’ recent hires more than double the size of the firm’s existing commodities desk with plans to continue its growth throughout other geographic regions.

“As a full-service investment bank, HilltopSecurities is focused on expanding across our business lines and the markets we serve to deliver a comprehensive suite of financial services for our clients,” said Konkel.

“The launch of HTS Commodities marks a significant milestone as we increase the scope of our trading and hedging solutions for individual and institutional clients. We’re excited to begin this next chapter and look forward to continued growth for HTS Commodities,” added Gaudry.

More information about HTS Commodities can be found at HTSCommodities.com.

About Brock Thompson

Thompson co-founded TRU Trading, LLC in Amarillo in 2012 before announcing last month that the firm’s nine employees were joining HilltopSecurities. He has spent 19 years working with clients in the agriculture and energy industries, providing marketing recommendations and commodity risk management. He has been a Commodity Trading Advisor and has advised clients on managed futures programs. Thompson remains active in the cattle feeding industry as a cattle feeder and is a member of the Texas Cattle Feeders Association. He is also a member of the National Cattlemen’s Beef Association’s Tax and Finance Committee, as well as the College of Agricultural Developmental Council for Texas A&M University, where he earned a bachelor’s degree in Animal Science.

About Will Snead Jr.

Snead is a co-founder of TRU Trading, LLC and has 15 years of experience in the commodities industry focusing on risk management strategies in the agriculture and energy sectors. He has previously served as a wealth manager for Morgan Stanley and Merrill Lynch. In addition to his experience as a futures broker and systems trader, Snead is a licensed real estate agent with TRU Land Realty Group/Keller Williams, servicing the farm and ranch industry, and also co-founded crop marketing management firm, TRU Vision Ag. He is a graduate of Texas A&M where he earned a degree in Finance and Accounting.

About Lewis Williamson Jr.

Williamson brings 37 years of experience to his role at HTS Commodities, most recently as senior vice president with Morgan Stanley where he served as a commodity specialist focusing on risk management. He has deep experience in the soy crushing industry, ethanol sector, grain elevators, broiler industry, and exporters of U.S. agricultural products. He also has focused on balance sheet analysis for the row crop sector throughout his career. Williamson began his career with Merrill Lynch.

About Marvin Coleman

Coleman joins HTS Commodities from Morgan Stanley in Memphis, Tennessee, where he served as senior vice president, commodity futures specialist. He has more than two decades of experience advising agricultural entities and select individuals on their commodity hedging and speculative programs, with a special focus on rough rice futures.

About Hilltop Securities Inc.

Hilltop Securities Inc. delivers forthright advice and tailored solutions to municipal issuers, institutions, broker-dealers, and individuals. The full-service investment bank and registered investment adviser is headquartered in Dallas, Texas, with offices across the United States. Areas of focus include public finance; municipal and taxable fixed income underwriting, sales, and trading; retail brokerage services; securities clearing; structured finance; and securities lending. A wholly owned subsidiary of Hilltop Holdings Inc. (NYSE: HTH), HilltopSecurities’ affiliates include Momentum Independent Network Inc., PlainsCapital Bank, and PrimeLending. Learn more at www.HilltopSecurities.com. Member: NYSE/FINRA/SIPC.

FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements anticipated in such statements. Forward-looking statements speak only as of the date they are made and, except as required by law, we do not assume any duty to update forward-looking statements. . Such forward-looking statements include, but are not limited to, statements concerning such things as our plans, objectives, strategies, expectations, intentions and other statements that are not statements of historical fact, and may be identified by words such as “building,” “focus,” “grow,” “look,” “plan,” “seek,” “view,” “will” or “would” or the negative of these words and phrases or similar words or phrases. For further discussion of such factors, see the risk factors described in Hilltop’s most recent Annual Report on Form 10-K, and subsequent Quarterly Reports on Form 10-Q and other reports that are filed with the Securities and Exchange Commission. All forward-looking statements are qualified in their entirety by this cautionary statement.

Hilltop Holdings Inc.

Ben Brooks

214.252.4047

[email protected]

KEYWORDS: United States North America Texas Tennessee

INDUSTRY KEYWORDS: Banking Other Energy Professional Services Utilities Oil/Gas Coal Alternative Energy Energy Agriculture Natural Resources Other Professional Services Finance Consulting

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Double Gold for Avaya – Named a Winner in Two Categories for 2021 UC Today Awards

Double Gold for Avaya – Named a Winner in Two Categories for 2021 UC Today Awards

Best Use of AI for Avaya Spaces® collaboration solution – and Avaya OneCloud™ CPaaS Named Best CPaaS

RALEIGH-DURHAM, N.C.–(BUSINESS WIRE)–Avaya (NYSE:AVYA), a global leader in solutions to enhance and simplify communications and collaboration, today announced two wins in the prestigious UC Today 2021 Awards:

  • Best Use of AI: Avaya Spaces workstream collaboration solution
  • Best CPaaS Solution: Avaya OneCloud CPaaS

Avaya Spaces was also named a Finalist in the category for Best Collaboration Platform.

“Avaya Spaces and Avaya OneCloud CPaaS provide incredible value and deliver exceptional communications and collaboration capabilities to customers as part of our Avaya OneCloud AI-powered experience platform,” said Simon Harrison, CMO, Avaya. “Both serve as key enabling solutions for the composable enterprise adapting to new ways of work and engaging with customers. We’re pleased to receive this recognition for Avaya innovation, and we will continue to build the best solutions for our customers and partners.”

Best Use of AI

Avaya Spaces is an immersive meeting and workstream collaboration platform combining HD video meetings, chat, a document repository, and task management. It supports the composable enterprise, providing agility to support changing business needs, models, and ways of working – ideal for the hybrid environment. Avaya unlocks better and more engaging meeting experiences through AI-powered enterprise applications and embedded conversational AI platforms. Our intuitive and easy-to-use modular, cloud-based AI capabilities offer an open composable architecture through the use of APIs anywhere in the world and open the door to nearly endless opportunities for future AI capabilities. The platform empowers domain experts to quickly integrate a wide range of AI-enabled insights and processes with the advanced capabilities of Avaya Spaces.

“If data is the new oil then AI is the refinery turning all of that oil into myriad products that we can use in our daily lives,” said Rob Scott, Publisher, UC Today. “The organizations in this category truly are at the pointy end of innovation, and Avaya with its Avaya Spaces collaboration platform infused with innovative AI is leading the way into the new world of work.”

Best CPaaS Solution

Avaya OneCloud CPaaS is at the heart of the Avaya OneCloud AI-powered experience platform enabling businesses to create experiences that matter for their employees and customers. Avaya’s unique approach to CPaaS enable us to deliver new CPaaS experiences to customers in a matter of days – which was essential in saving lives during the pandemic. Avaya OneCloud CPaaS-based Contact Tracing offering won the 2020 Pandemic Tech Innovation Award for Exceptional Innovation, and enabled organizations around the globe respond quickly in response to increased demands and critical needs during the crisis.

“Avaya was able to evidence innovation, growth and success with their API-centric proposition, and a composable approach that enables users to innovate faster,” said Scott. “Avaya OneCloud CPaaS is going a long way to enhance not only customer experience but also workforce productivity, and highlights Avaya’s impressive cloud transformation.”

Additional Resources

About Avaya

Businesses are built by the experiences they provide, and everyday millions of those experiences are delivered by Avaya Holdings Corp. (NYSE: AVYA). Avaya is shaping what’s next for the future of work, with innovation and partnerships that deliver game-changing business benefits. Our cloud communications solutions and multi-cloud application ecosystem power personalized, intelligent, and effortless customer and employee experiences to help achieve strategic ambitions and desired outcomes. Together, we are committed to help grow your business by delivering Experiences that Matter. Learn more at http://www.avaya.com.

Cautionary Note Regarding Forward-Looking Statements

This document contains certain “forward-looking statements.” All statements other than statements of historical fact are “forward-looking” statements for purposes of the U.S. federal and state securities laws. These statements may be identified by the use of forward-looking terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “might,” “our vision,” “plan,” “potential,” “preliminary,” “predict,” “should,” “will,” or “would” or the negative thereof or other variations thereof or comparable terminology. The Company has based these forward-looking statements on its current expectations, assumptions, estimates and projections. While the Company believes these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond its control. The factors are discussed in the Company’s Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q filed with the Securities and Exchange Commission (the “SEC”) available at www.sec.gov, and may cause the Company’s actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. The Company cautions you that the list of important factors included in the Company’s SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this press release may not in fact occur. The Company undertakes no obligation to publicly update or revise any forward-looking statement as a result of new information, future events or otherwise, except as otherwise required by law.

All trademarks identified by ®, TM, or SM are registered marks, trademarks, and service marks, respectively, of Avaya Inc. All other trademarks are the property of their respective owners.

Source: Avaya Newsroom

Alex Alias

[email protected]

KEYWORDS: United States North America North Carolina

INDUSTRY KEYWORDS: Technology VoIP Audio/Video Telecommunications Software Internet

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Universe Pharmaceuticals INC Reports Financial Results for The First Six Months of Fiscal Year 2021

Ji’an, Jiangxi, China, Aug. 02, 2021 (GLOBE NEWSWIRE) — Universe Pharmaceuticals INC (the “Company”) (Nasdaq: UPC), a pharmaceutical producer and distributor in China, today announced its unaudited financial results for the first six months of fiscal year 2021 ended March 31, 2021.

Mr. Gang Lai, Chairman and CEO of Universe Pharmaceuticals INC, commented, “We are pleased to present our financial results for the six months ended March 31, 2021, which represent a strong start to our fiscal year 2021. In March 2021, we also successfully completed our initial public offerings in the United States. Despite the continued challenges and uncertainties that we faced from the COVID-19 pandemic, our revenues grew by 48.2%, driven by increases in sales volumes fueled by our growing customer base. Our focus has always been long-term growth as we execute our business strategy, which calls for increasing market share, expansion of our supply chain and sales network, and the ability to secure high quality product at competitive prices. The main catalysts for our long-term growth remain in place, giving us confidence moving in to the second half of fiscal year 2021. Our focus is to continue executing our business strategies as we leverage our strong brand and supply channels to drive further growth and improvement of our financial metrics.”

Financial Highlights for the Six Months Ended March 31, 2021

    For the Six Months Ended March 31,  
($ millions, except per share data)   2021     2020     % Change  
Revenues     24.3       16.4       48.2 %
Income from operations     9.6       6.6       45.6 %
Net income     7.1       5.1       40.9 %
Earnings per share     0.44       0.32       37.5 %
                         
  • Revenues increased by 48.2% from $16.4 million in the six months ended March 31, 2020 to $24.3 million in the six months ended March 31, 2021, primarily attributable to increased sales volume of our traditional Chinese medicine derivatives (“TCMD”) products and third-party products by 3,204,716 units or 29.2%, increased average selling price of our TCMD products by $0.17 per unit or 12.8% and increased average selling price of third-party products by $0.47 per unit or 26.9%, after we resumed business operations from the COVID-19 pandemic.
  • Income from operations was $9.6 million for the six months ended March 31, 2021, representing an increase of 45.6% from an income from operations of $6.6 million for the six months ended March 31, 2020, which was caused by a combined effect of increased revenues and gross profit.
  • Net income was $7.1 million for the six months ended March 31, 2021, representing an increase of 40.9% from a net income of $5.1 million for the six months ended March 31, 2020.
  • Earnings per share was $0.44 for the six months ended March 31, 2021, representing an increase of 37.5% from earnings per share of $0.32 for the six months ended March 31, 2020.

Financial Results for Six Months Ended March 31, 2021


Revenues

Total revenues increased by $7.9 million, or 48.2%, to $24.3 million for the six months ended March 31, 2021 from $16.4 million for the six months ended March 31, 2020.

    For the Six Months Ended March 31,  
    2021     2020  
($ millions)     Revenue       Cost of revenue       Gross margin       Revenue       Cost of revenue       Gross margin  
TCMD products sales     13.3       5.4       59.3 %     7.4       3.1       57.9 %
Third-party products sales     11.0       6.9       37.2 %     9.0       4.7       47.0 %
Total     24.3       12.3       49.3 %     16.4       7.9       52.0 %
                                                 

Sales of TCMD products increased by $5.9 million, or 79.0%, from $7.4 million in the six months ended March 31, 2020 to $13.3 million in the six months ended March 31,2021, because the sales volume of our TCMD products increased by 58.7% from 5,760,229 units sold in the six months ended March 31, 2020 to 9,140,000 units sold in the six months ended March 31, 2021, and the average selling price of our TCMD products increased by 12.8% from $1.29 per unit in the six months ended March 31, 2020 to $1.46 per unit in the six months ended March 31, 2021.

Sales of third-party products increased by $2.0 million, or 22.6%, from $9.0 million in the six months ended March 31, 2020 to $11.0 million in the six months ended March 31, 2021. Sales volume of third-party products slightly decreased by 3.4%, from 5,219,039 units sold in the six months ended March 31, 2020 to 5,043,984 units sold in the six months ended March 31, 2021. In the six months ended March 31, 2021, due to an overall increase in the market prices of raw materials used in the manufacturing of third-party products, we paid higher purchase prices for products from third-party pharmaceutical companies and accordingly our average selling price of third-party products in the six months ended March 31, 2021 was higher than that in the six months ended March 31, 2020. Our average selling price of third-party products increased by 26.9%, from $1.71 per unit in the six months ended March 31, 2020 to $2.18 per unit in the six months ended March 31, 2021.


Cost of revenues and Gross profit

Cost of revenues increased by $4.4 million, or 56.4%, from $7.9 million in the six months ended March 31, 2020 to $12.3 million in the six months ended March 31, 2021.

Gross profit increased by $3.5 million from $8.5 million in the six months ended March 31, 2020 to $12.0 million in the six months ended March 31, 2021. Gross margin decreased by 2.7% from 52.0% in the six months ended March 31, 2020 to 49.3% in the six months ended March 31, 2021.


Operating expenses

Selling expenses increased by $463,046, or 71.7%, from $646,241 in the six months ended March 31, 2020 to $1,109,287 in the six months ended March 31, 2021, primarily attributable to (i) an increase in advertising expenses by $98,687, or 58.7%, from $168,197 in the six months ended March 31, 2020 to $266,884 in the six months ended March 31, 2021. We use outdoor billboard, magazine and social media such as WeChat and Weibo to advertise our brand and products in order to increase customer awareness. In the six months ended March 31,2021, in connection with our sales promotion of our TCMD products to targeted customers, we spent more on advertising than we did in the six months ended March 31, 2020, which led to higher advertising expenses in the six months ended March 31, 2021; (ii) an increase in our salary and benefit expenses paid to our sales employees by $193,871, or 89.2%, from $217,439 in the six months ended March 31, 2020 to $411,310 in the six months ended March 31,2021, and an increase in business travel and meals expense by $18,799 or 225.2%, from $8,346 in the six months ended March 31, 2020 to $27,145 in the six months ended March 31, 2021, primarily due to our increased sales activities during the six months ended March 31, 2021. For the same period of 2020, from early February to early March 2020, we temporarily suspended our business as affected by the COVID-19 pandemic. During the one-month temporary closure of our facilities in response to COVID-19, we reduced business travels and we only paid basic salary to our sales personnel during this period of time, which led to lower amount of salary expenses and business travel expenses in the six months ended March 31, 2020 as compared to the six months ended March 31, 2021; (iii) an increase in shipping and delivery expenses by $151,620, or 62.7%, from $241,826 in the six months ended March 31, 2020 to $393,446 in the six months ended March 31, 2021, due to our increased sales volume and sales orders fulfillment during the six months ended March 31, 2021.

General and administrative expenses increased by $241,685 or 32.5% from $743,813 in the six months ended March 31, 2020 to $985,498 in the six months ended March 31, 2021, primarily attributable to (i) our professional service fees increased by $290,805 in the six months ended March 31, 2021 as compared to the six months ended March 31, 2020, primarily due to increased audit fee and business consulting fees in connection with our intended public offering, (ii) an increase in our office supply and utility expenses by $86,842, or 135.7%, to support our administration activities; (iii) an increase in our salaries, welfare expenses and insurance expenses paid to administration employees by $74,411, or 31.9%, because of higher amount of annual bonus was distributed to administrative staffs in the six months ended March 31, 2021 as compared to the six months ended March 31,2020, and offset by a decrease in bad debt expense by $212,291 because we accrued more bad debt expenses in period periods based on estimated accounts receivable collection trend and approximately $0.2 million bad debt accrual in prior periods has been collected in the six months ended March 31, 2021.

Research and development expenses decreased by $236,959, or 43.3%, from $547,627 for the six months ended March 31, 2020 to $310,668 for the six months ended March 31, 2021, primarily attributable to a decrease in the materials used in the R&D activities by $269,185. In the six months ended March 31, 2020, in order to develop new products and improve the formulation of several existing products, we conducted more testing on product stability and safety, and as a result, more materials were used in our R&D activities in the six months ended March 31, 2020 than in the six months ended March 31, 2021.


Other income (expenses), net

Total other expenses, net, decreased by $18,306 or 43.0%, from $42,578 in the six months ended March 31, 2020 to $24,272 in the six months ended March 31, 2021.


Provision for Income Taxes

Provision for income taxes was $2.4 million in the six months ended March 31, 2021, an increase of $0.9 million, or 64.5% from $1.5 million in the six months ended March 31, 2020 due to our increased taxable income.


Net income

Net income was $7.1 million for the six months ended March 31, 2021, representing a $2.0 million increase from a net income of $5.1 million for the six months ended March 31, 2020.

Basic and diluted earnings per share were $0.44 for the six months ended March 31, 2021, representing a change of 37.5% from basic and diluted earnings per share of $0.32 for the six months ended March 31, 2020.


Balance Sheet

As of March 31, 2021, the Company had cash of $36.0 million as compared to $10.1 million as of September 30, 2020.


Cash Flow

Net cash provided by operating activities was $1.1 million in the six months ended March 31, 2021, compared with $8.4 million in the six months ended March 31, 2020.

Net cash used in investing activities was $50,875 in the six months ended March 31, 2021, compared with $47,512 in the six months ended March 31, 2020.

Net cash used provided by financing activities was $24.1 million in the six months ended March 31, 2021, compared with $0.4 million in the six months ended March 31, 2020.

About Universe Pharmaceuticals INC

Universe Pharmaceuticals INC, headquartered in Ji’an, Jiangxi, China, is a pharmaceutical producer and distributor in China. The Company specializes in the manufacturing, marketing, sales and distribution of traditional Chinese medicine derivatives products targeting the elderly with the goal of addressing their physical conditions in the aging process and to promote their general well-being. The Company also distributes and sells biomedical drugs, medical instruments, Traditional Chinese Medicine Pieces, and dietary supplements manufactured by third-party pharmaceutical companies. Currently, the Company’s products are sold in 30 provinces of China. For more information, visit the company’s website at http://www.universe-pharmacy.com/.


Forward-Looking Statements

All statements other than statements of historical fact in this announcement are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations and projections about future events and financial trends that the Company believes may affect its financial condition, results of operations, business strategy and financial needs. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “potential,” “continue,” “is/are likely to” or other similar expressions. The Company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations, except as may be required by law. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s registration statement and in its other filings with the SEC.

For more information, please contact:

Ascent Investors Relations LLC

Tina Xiao

President

Phone: 917-609-0333
Email: [email protected]

UNAUDITED CONDENSED CONSOLIDATED FINANCIAL DATA

UNIVERSE PHARMACEUTICALS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

    As of  
    March 31, 2021     September 30, 2020  
ASSETS
CURRENT ASSETS            
Cash   $ 35,999,129       $ 10,058,202  
Accounts receivable, net     17,799,597         10,871,778  
Inventories, net     4,917,271         1,906,232  
Deferred initial public offering costs     –         443,709  
Prepaid expenses and other current assets     3,089,459         –  
TOTAL CURRENT ASSETS     61,805,456         23,279,921  
                 
Property, plant and equipment, net     4,404,018         4,428,064  
Intangible assets, net     178,573         174,776  
Investment in equity securities     762,500         735,000  
Deferred tax assets     122,342         186,537  
TOTAL NONCURRENT ASSETS     5,467,433         5,524,377  
                 
TOTAL ASSETS   $ 67,272,889       $ 28,804,298  
                 
LIABILITIES AND SHAREHOLDERS’ EQUITY                
CURRENT LIABILITIES                
Short-term bank loans   $ 2,745,000       $ 2,646,000  
Accounts payable     8,589,492         2,691,193  
Taxes payable     1,436,645         1,331,749  
Due to related party     3,117,081         956,492  
Accrued expenses and other current liabilities     694,410         375,960  
TOTAL CURRENT LIABILITIES     16,582,628         8,001,394  
                 
COMMITMENTS AND CONTINGENCIES                
                 
SHAREHOLDERS’ EQUITY                
Ordinary shares, $0.003125 par value, 100,000,000 shares authorized, 21,750,000 shares and 16,000,000 shares issued and outstanding as of March 31, 2021 and September 30, 2020, respectively     67,969         50,000  
Additional paid in capital     29,174,188         3,679,000  
Share subscription receivable     (3,571,241 )       –  
Statutory reserve     2,439,535         2,439,535  
Retained earnings     20,886,777         13,738,979  
Accumulated other comprehensive income     1,693,033         895,390  
TOTAL SHAREHOLDERS’ EQUITY     50,690,261         20,802,904  
                 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 67,272,889       $ 28,804,298  

UNIVERSE PHARMACEUTICALS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(UNAUDITED)

    For the six months ended

March 31, 		 
    2021     2020  
             
REVENUE   $ 24,292,948     $ 16,388,865  
COST OF REVENUE     12,304,678       7,868,761  
GROSS PROFIT     11,988,270       8,520,104  
                 
OPERATING EXPENSES                
Selling expenses     1,109,287       646,241  
General and administrative expenses     985,498       743,813  
Research and development expenses     310,668       547,627  
Total operating expenses     2,405,453       1,937,681  
                 
INCOME FROM OPERATIONS     9,582,817       6,582,423  
                 
OTHER INCOME(EXPENSES)                
Interest expense, net     (46,671 )     (63,709 )
Other expense, net     (8,227 )     (674 )
Equity investment income     30,626       21,805  
Total other expense, net     (24,272 )     (42,578 )
                 
INCOME BEFORE INCOME TAX PROVISION     9,558,545       6,539,845  
                 
INCOME TAX PROVISION     2,410,747       1,465,769  
                 
NET INCOME     7,147,798       5,074,076  
                 
OTHER COMPREHENSIVE INCOME                
Foreign currency translation adjustment     797,643       18,877  
COMPREHENSIVE INCOME   $ 7,945,441     $ 5,092,953  
                 
EARNINGS PER SHARE                
Basic and diluted   $ 0.44     $ 0.32  
                 
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING                
Basic and diluted     16,168,956       16,000,000  

UNIVERSE PHARMACEUTICALS INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

    For the six months ended

March 31, 		 
    2021     2020  
             
Cash flows from operating activities                
Net income   $ 7,147,798     $ 5,074,076  
Adjustments to reconcile net income to cash provided by operating activities                
Depreciation and amortization     243,466       205,654  
Changes in allowance for doubtful accounts     (203,253 )     9,038  
Inventory reserve     (76,734 )     (25,483 )
Deferred income tax provision     71,221       6,442  
Changes in operating assets and liabilities:                
Accounts receivable     (6,322,074 )     2,089,969  
Inventories     (2,864,911 )     (2,354,137 )
Prepaid expenses and other current assets     (3,098,993 )     (10,267 )
Accounts payable     5,801,410       3,189,657  
Taxes payable     55,105       140,942  
Accrued expenses and other current liabilities     305,094       54,012  
Net cash provided by operating activities     1,058,129       8,379,903  
                 
Cash flows from investing activities                
Purchase of property and equipment     (50,875 )     (47,512 )
Net cash used in investing activities     (50,875 )     (47,512 )
                 
Cash flows from financing activities                
Proceeds from short-term bank loans     1,220,800       –  
Repayment of bank loans     (1,220,800 )     –  
Net proceeds from initial public offerings     21,941,916       –  
Deferred initial public offering costs     –       (90,698 )
Proceeds from related party borrowings     2,194,640       446,731  
Net cash provided by financing activities     24,136,556       356,033  
                 
Effect of changes of foreign exchange rates on cash     797,117       (69,293 )
Net increase in cash     25,940,927       8,619,131  
Cash, beginning of period     10,058,202       3,177,321  
Cash, end of period   $ 35,999,129     $ 11,796,452  
                 
Supplemental disclosure of cash flow information                
Cash paid for income tax   $ 3,364,769     $ 1,289,194  
Cash paid for interest expense   $ 65,775     $ 71,447  
                 
Supplemental non-cash financing activities:                
Subscription receivable from issuance of ordinary shares under initial public offerings   $ 3,571,241     $ –  



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NextDecade Announces Issuance of Preferred Equity

NextDecade Announces Issuance of Preferred Equity

HOUSTON–(BUSINESS WIRE)–
NextDecade Corporation (NextDecade or the Company) (NASDAQ: NEXT) announced today that it has agreed to sell $5.0 million of Series C Convertible Preferred Stock (Series C Preferred Stock). The Series C Preferred Stock is being issued in a private placement to TEP Next Decade, LLC, an affiliate of Energy & Power Transition Partners, LLC (EPTP).

EPTP is a private equity fund whose goal is to catalyze cleaner, smarter energy and digital industries through investments that drive meaningful value for both its investors and the environment alike. NextDecade’s focus on green LNG and carbon capture and storage fit firmly within EPTP’s transitional energy investment strategy.

“NextDecade is pleased to welcome Energy & Power Transition Partners as an investor,” said Matt Schatzman, NextDecade’s Chairman and Chief Executive Officer. “We share EPTP’s vision of making North America’s power and energy systems more sustainable and through NextDecade’s wholly-owned subsidiary, NEXT Carbon Solutions, we are helping lead the way by reducing the costs of carbon capture and storage projects.”

“The investment in NextDecade is consistent with EPTP’s mission, which is to provide society with carbon neutral solutions for the delivery of reliable energy resources,” said Pat Eilers, EPTP’s Founder and Managing Partner. “NextDecade is the global pioneer in green LNG as a result of the unique combination of its NEXT Carbon Solutions business with its low-cost Rio Grande LNG project. EPTP is thrilled to support NextDecade as it commercializes its differentiated energy solutions.”

The offer and sale of the Series C Preferred Stock has not been, and will not be, registered under the Securities Act of 1933 (Securities Act), or any other securities laws, and the Series C Preferred Stock cannot be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and any other applicable securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any state or jurisdiction in which such offer, solicitation or sale of these securities would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About NextDecade Corporation

NextDecade Corporation is a clean energy company accelerating the path to a net-zero future. Leading innovation in greener LNG and carbon capture solutions, NextDecade is committed to providing the world access to cleaner energy. Through our wholly owned subsidiaries Rio Grande LNG and NEXT Carbon Solutions, we are developing a 27 mtpa LNG export facility in South Texas along with one of the largest carbon capture and storage projects in North America. We are also working with third-party customers around the world to deploy our proprietary processes to lower the cost of carbon capture and storage and reduce CO2 emissions at their industrial-scale facilities.

NextDecade’s common stock is listed on the Nasdaq Stock Market under the symbol “NEXT.” NextDecade is headquartered in Houston, Texas. For more information, please visit www.next-decade.com.

About Energy & Power Transition Partners

Energy & Power Transition Partners, LLC (EPTP), founded in 2020 by Pat Eilers, is a private equity firm with a strategic investment focus in renewable energy, energy & digital technology and transitional energy. These investment opportunities facilitate the ongoing transition to a cleaner, lower-emission energy sector. EPTP leadership has been at the forefront of the energy transition for the past 20+ years, and strives to continue to pioneer our core sectors through an experienced and proven team of investment professionals. Starting September 1, EPTP will operate as Transition Equity Partners (TEP).

NextDecade Forward-Looking Information

This press release contains certain statements that are, or may be deemed to be, “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact contained in this presentation, including statements regarding the future results of operations and financial position of NEXTDecade Corporation and its subsidiaries (collectively, the “Company”), its strategy and plans, and its expectations for future operations, are forward-looking statements. The words “anticipate,” “contemplate,” “estimate,” “expect,” “project,” “plan,” “intend,” “believe,” “may,” “might,” “will,” “would,” “could,” “should,” “can have,” “likely,” “continue,” “design” and other words and terms of similar expressions, are intended to identify forward-looking statements.

The Company has based these forward-looking statements largely on its current expectations and projections about future events and trends that it believes may affect its financial condition, results of operations, strategy, short-term and long-term business operations and objectives and financial needs. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, actual results could differ from those expressed in its forward-looking statements. The Company’s future financial position and results of operations as well as any forward-looking statements are subject to change and inherent risks and uncertainties. You should consider the Company’s forward-looking statements in light of a number of factors that may cause actual results to vary from its forward-looking statements regarding general business activities or its liquefied natural gas (“LNG”) and carbon capture, utilization, and storage (“CCUS”) business lines including, but not limited to: progress and timing in the development of and final investment decision (“FID”) in the construction and operation of a LNG terminal at the Port of Brownsville in southern Texas (the “Terminal”); the successful completion of the Terminal by third-party contractors and a pipeline to supply gas to the Terminal being developed by a third-party (the “Pipeline”); the Company’s ability to develop its CCUS business line through deployment and operation of carbon capture and storage (“CCS”) processes that capture and store carbon dioxide (“CO2”) emissions at third-party facilities and at the Terminal (the “CCS project”); the accuracy of estimated costs for the Terminal, the CCS project, and implementation of the CCS processes at third-party facilities; statements that the Terminal, the CCS project, and the CCS processes, when completed or implemented, will have certain characteristics, including amounts of liquefaction capacities or amount of CO2 captured and stored; the development risks, operational hazards, and regulatory approvals applicable to the Company’s LNG and CCUS development, construction, and operations activities; the global demand for and price of LNG; the availability of LNG vessels worldwide; changes in legislation and regulations relating to the LNG and CCUS industries, including environmental laws and regulations that impose significant compliance costs and liabilities; lack of broad implementation of carbon pricing regimes aimed at reducing greenhouse gas emissions that reasonably price emission costs; global development and maturation of emissions reduction credit/offset markets; adverse changes to existing and planned CCUS tax incentive regimes; global pandemics, including the 2019 novel coronavirus pandemic, and their impact on the Company’s business and operating results, including any disruptions in the Company’s operations or development activities and the health and safety of the Company’s employees, and on the Company’s customers, the global economy, the demand for LNG, and number and scale of implemented CCS projects; risks related to doing business in and having counterparties in foreign countries; technological innovation which may lessen the Company’s anticipated competitive advantages; the Company’s ability to secure additional corporate and/or project debt and equity financing in the future at levels required to execute its business plans; the Company’s ability to maintain the listing of its securities on a securities exchange or quotation medium; changes adversely affecting the business in which the Company is engaged; management of growth; general economic conditions; the Company’s ability to generate cash; compliance with environmental laws and regulations; and the result of future financing efforts and applications for customary tax incentives.

Additional factors that you should consider are set forth in detail in the “Risk Factors” section of the Company’s most recent Annual Report on Form 10-K as well as other filings the Company has made and will make with the Securities and Exchange Commission which, after their filing, can be found on the Company’s website, www.next-decade.com.

Should one or more of the foregoing risks or uncertainties materialize in a way that negatively impacts the Company, or should its underlying assumptions prove incorrect, its actual results may vary materially from those anticipated in its forward-looking statements and, its business, financial condition and results of operations could be materially and adversely affected. You should not rely upon forward-looking statements as predictions of future events. In addition, neither the Company nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. The Company cautions readers that the information contained in this presentation is only current as of the date of this presentation and, therefore, except as required by applicable law, the Company does not undertake any obligation to publicly correct or update any forward-looking statement.

[email protected]

[email protected]

KEYWORDS: United States North America Texas

INDUSTRY KEYWORDS: Oil/Gas Energy Environment Other Energy Utilities

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Humana’s Sue Schick Appointed President of Company’s Group, Military and Specialty Businesses

Humana’s Sue Schick Appointed President of Company’s Group, Military and Specialty Businesses

Industry veteran joined Humana in early 2020 to lead Commercial Market Operations

LOUISVILLE, Ky.–(BUSINESS WIRE)–
Leading health and well-being company Humana Inc. (NYSE: HUM) announced today that it is promoting health care industry veteran Sue Schick to President of the company’s Group, Military and Specialty businesses, effective September 1, 2021. Schick came to Humana at the beginning of 2020 to join the segment’s leadership team, with oversight of employer group sales and market operations.

“From the day Sue arrived at Humana, the Management Team and I have been impressed by her leadership in the segment, from her work to restructure our market operations to her inclusive management style,” said Bruce D. Broussard, Humana’s President and CEO. “We have ambitious growth goals in place for our Group, Military and Specialty businesses team, and I am highly confident that Sue is the right person to help us achieve those goals.”

Schick succeeds Chris Hunter who has decided to leave the company at the end of the year to pursue other opportunities. Hunter, who joined Humana in 2014 as Chief Strategy Officer, played an instrumental role in advancing the company’s strategy, particularly as the company emerged as a stand-alone entity after the termination of the Aetna transaction. In 2018, he took over leadership responsibility for the company’s Group, Specialty and Military lines of business.

“As a member of our Management Team, Chris has contributed greatly to Humana’s success,” Broussard added. “His impact will be long-lasting, from the critical strategy development work he led, to his insights and actions on the corporate development front, to his thoughtful work to help position our Commercial business for long-term success.”

As Schick moves into the Segment President role, she is excited about the opportunities across the segment – from the commercial space to Humana’s longtime work with the federal TRICARE military health program.

“Working with Chris and the leaders of our segment, I am proud of everything we have accomplished to build such a talented team in the Group, Military and Specialty businesses, and to position the team for success. We are in the final stages of a restructuring of the organization, and we’re excited about the progress we are making,” Schick said. “What I am most excited about as I prepare to take on this new role is the opportunity to help the people we serve achieve better health. From our employer and specialty customers and members to the U.S. Department of Defense, we’re proud to serve millions of Americans in this segment, and looking forward to the opportunities ahead of us.”

Before she joined Humana, Schick spent 16 years in a range of senior-level leadership roles at United Healthcare in its Medicaid and Commercial businesses. In all, Schick has more than 30 years of experience in the industry – across sales, employee benefits, regional management, strategy and growth.

Schick, who received her Master’s degree in Healthcare Delivery Science from Dartmouth College, is also a committed volunteer, serving as the Board Chair of Randolph-Macon College, on the national March of Dimes board, and previously as Chair of the Pennsylvania Commission for Women. In 2017, she was named a “Woman to Watch” by Modern Healthcare.

Humana’s Group, Military and Specialty business currently has 1.2 million employer group members, 12 million Commercial and Medicare Specialty members, and also partners with the Department of Defense and the Defense Health Agency to administer the TRICARE health program for six million U.S. Military active duty, retirees and family member beneficiaries in the East Region.

About Humana

Humana Inc. (NYSE: HUM) is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.

To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools – such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions – combine to produce a simplified experience that makes health care easier to navigate and more effective.

More information regarding Humana is available to investors via the Investor Relations page of the company’s web site at www.humana.com, including copies of:

  • Annual reports to stockholders
  • Securities and Exchange Commission filings
  • Most recent investor conference presentations
  • Quarterly earnings news releases and conference calls
  • Calendar of events
  • Corporate Governance information 

 

Kelley Murphy

Humana Corporate Communications

[email protected]

502.224.1755

KEYWORDS: United States North America Kentucky

INDUSTRY KEYWORDS: Practice Management Insurance Defense Other Defense Managed Care General Health Health Professional Services

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Lumos Pharma Announces the Promotion of COO and Chief Scientific Officer, John McKew, PhD, to President

AUSTIN, Texas, Aug. 02, 2021 (GLOBE NEWSWIRE) — Lumos Pharma, Inc. (NASDAQ:LUMO), a clinical-stage biopharmaceutical company focused on therapeutics for rare diseases, has announced that current Chief Operating Officer and Chief Scientific Officer, John McKew, PhD, was promoted to President of Lumos Pharma effective August 1, 2021 as part of the Company’s planned succession.

“I am excited to announce the promotion of John to President as part of the Lumos Pharma succession planning undergone by the Company and our Board of Directors,” commented Rick Hawkins, Chairman and CEO of Lumos Pharma. “I have worked with John for nearly ten years at both Lumos and, prior to that, in a collaboration during his tenure at the NIH. Our interactions over this period and John’s contributions as COO and Chief Scientific Officer at Lumos Pharma support our decision to turn over more responsibility to him. John has proven to be an outstanding leader, and this promotion is a testament to that and to his unwavering commitment to the Company”

John McKew, PhD has nearly 30 years of experience developing novel therapeutics during which he successfully advanced multiple therapies through preclinical and into clinical development. At Lumos Pharma, Dr. McKew has served as Chief Operating Officer since April 2020 and as Chief Scientific Officer since he joined the company in 2016. In these positions, he has helped identify clinical and commercial opportunities for Lumos Pharma and has played a key role in the development and implementation of the Company’s clinical and corporate strategy to support a successful path to commercialization and value creation.

Prior to Lumos Pharma, Dr. McKew served as Vice President of Research at aTyr Pharma where he led a research team discovering and advancing protein-based therapeutics for rare diseases. He has also served as Acting Scientific Director for the National Center for Advancing Translational Science (NCATS) intramural group, a part of the National Institute of Health (NIH). At NCATS, his lab’s work on rare diseases and public/private partnerships led to the collaborative advancement of several therapeutic candidates currently being commercialized by pharmaceutical companies. Prior to his position at the NIH, Dr. McKew held a Director level position at Wyeth Research, after beginning his career at Genetics Institute, Inc., before the two companies merged.

Beyond his work with Lumos Pharma, Dr. McKew is currently an Adjunct Professor at the Boston University School of Medicine and has previously served as the Chair Elect, Chair, and Immediate Past Chair of the American Chemical Society’s Northeastern section. Dr. McKew also serves on multiple translational review panels at the NIH and other funding agencies. He has over 70 peer-reviewed publications and granted patents. Dr. McKew graduated from State University of New York at Stony Brook with B.S. degrees in Chemistry and Biochemistry He completed his Ph.D. in Organic Chemistry at University of California, Davis and held post-doctoral research positions at the University of Geneva and Firmenich, SA.

“I am honored to accept the position of President of Lumos Pharma,” John McKew stated, “and look forward to continuing my work with Rick and the entire team to advance our current LUM-201 program for children with growth hormone deficiency and execute on our clinical and corporate goals.”

About Lumos Pharma

Lumos Pharma, Inc. is a clinical stage biopharmaceutical company focused on the development and commercialization of therapeutics for rare diseases. Lumos Pharma was founded and is led by a management team with longstanding experience in rare disease drug development and received early funding from leading healthcare investors, including Deerfield Management, a fund managed by Blackstone Life Sciences, Roche Venture Fund, New Enterprise Associates (NEA), Santé Ventures, and UCB. Lumos Pharma’s lead therapeutic candidate is LUM-201, an oral growth hormone stimulating small molecule, currently being evaluated in a Phase 2 clinical trial, the OraGrowtH210 Trial, and a PK/PD trial, the OraGrowtH212 Trial, for the treatment of Pediatric Growth Hormone Deficiency (PGHD). If approved by the FDA, LUM-201 would provide an orally administered alternative to daily injections that current PGHD patients endure for many years of treatment. LUM-201 has received Orphan Drug Designation in both the US and EU. For more information, please visit https://lumos-pharma.com/.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements of Lumos Pharma, Inc. (the “Company”) that involve substantial risks and uncertainties. All such statements contained in this press release are forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. The words “forecast,” “projected,” “guidance,” “upcoming,” “will,” “would,” “plan,” “intend,” “anticipate,” “approximate,” “expect,” “potential,” “imminent,” or the negative of these terms or other similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. These forward-looking statements include, among others, anticipated market reception to our treatment regimen for PGHD and other indications, plans related to initiation and execution of clinical trials, and any other statements other than statements of historical fact. Actual results or events could differ materially from the plans, intentions and expectations disclosed in the forward-looking statements that the Company makes due to a number of important factors, including the effects of pandemics or other widespread health problems, the outcome of our future interactions with regulatory authorities, the ability to obtain the necessary patient enrollment for our product candidate in a timely manner, the ability to successfully develop our product candidate and other risks that could cause actual results to differ materially from those matters expressed in or implied by such forward-looking statements as discussed in “Risk Factors” and elsewhere in Lumos Pharma’s Annual Report on Form 10-K for the year ended December 31, 2020 and other reports filed with the SEC. The forward-looking statements in this press release represent the Company’s views as of the date of this press release. The Company anticipates that subsequent events and developments will cause their views to change. However, while it may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. You should, therefore, not rely on these forward-looking statements as representing the Company’s views as of any date subsequent to the date of this press release.

Investor & Media Contact:

Lisa Miller
Lumos Pharma Investor Relations
512-792-5454
[email protected]